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← Moretonhampstead Development Trust

2023-12-31-accounts

Registered number: 05133939 Charity number: 1105114

MORETONHAMPSTEAD DEVELOPMENT TRUST (A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 7
Independent examiner's report 8 - 9
Statement of financial activities 10
Balance sheet 11 - 12
Notes to the financial statements 13 - 29

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees J Willis, Chair
C Caverhill, Vice Chair (resigned 23 January 2024)
E Prince, Treasurer (resigned 12 June 2023)
A Wimberley (resigned 17 August 2023)
R Foxwell
I Hallam (appointed 2 February 2024)
R Jameson (appointed 23 May 2024)
J Bates (resigned 14 May 2024)
P Harrison (appointed 23 May 2024)
A Foxwell (resigned 17 August 2023)
E Dooley (resigned 2 February 2023)
C Thomson (appointed 5 September 2023)
N Bailey (resigned 30 April 2024)
P Turner
C Fileman-Wright (resigned 30 April 2024)
J King (appointed 5 September 2023, resigned 2 February 2024)
R Kelly (appointed 5 April 2024)
Company registered
number
05133939
Charity registered
number
1105114
Registered office
Green Hill
Fore Street
Moretonhampstead
Newton Abbot
Devon
TQ13 8LL
Company secretary
P Nottingham (appointed on 12 June 2023)
Key management
personnel
G Lingard, Arts Officer (resigned 5 May 2023)
P Nottingham, Finance Officer
C Rooney, Coordinator
R Kelly, Development manager (appointed 5 May 2023)
Accountants
Griffin
Chartered Accountants
Courtenay House
Pynes Hill
Exeter
EX2 5AZ
Bankers
Lloyds TSB Okehampton
Fore Street
Okehampton
Devon
EX20 1HJ

Page 1

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of the Moretonhampstead Development Trust for the 1 January 2023 to 31 December 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) as amended by Update Bulletin 1 (effective January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

These are the promotion, for the benefit of the public, of rural regeneration in areas of social or economic deprivation (in particular Moretonhampstead Parish) by all or any of the following means:

  1. The advancement of education and training, including to unemployed people

  2. The provision of workspace, buildings and land

  3. The maintenance, improvement or provision of public amenities

  4. The preservation of buildings or sites of historic or architectural importance

  5. The provision of recreational facilities for the public at large, or those who by any reason of their youth, age infirmity or disablement, financial hardship or social and economic circumstances, have need of such facilities

  6. The support and promotion of local small businesses, including the provision for sale of arts and crafts

  7. The provision of facilities for public health and social care

  8. The provision of facilities for generating renewable energy

  9. The provision of affordable housing

  10. Any other means subject to approval by the Charities Commission

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Page 2

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance

a. Main achievement of the company

This was the Trust’s 29th year since its founding in the 1990s, and it has certainly been a busy one. The employment of a Development Officer in December 2022 meant that there was a review of the Trust throughout 2023 which led to improved governance structures and consideration of how to take the Trust forward. This included looking at operational modes and developing a rebranding of the Trust. The review identified that the Trust did a lot of work for Moretonhampstead but local people may not be wholly aware of the impact that the Trust was achieving.

Since the end of Covid there has been an expansion in the range of our activities, so providing a big boost to our local economy and community. Our finances have improved during the year compared with the 2022 position and we continue to attract new funding. At the end of 2023 we resolved the long outstanding issue over the debt to the National Health Service Property Services which will enable the Trust to move forward. We support local employment through providing a significant number of high-quality jobs.

The Green Hill Centre for Arts, Heritage and Youth is back to capacity and hosts several successful local businesses as well as the Local History Archive, Art Gallery and Studios, Parish Council office, a large training room for hire, and the Yard Youth Club – which is once again running three evenings a week with a great varied programme for young people.

There was a change during the year in the team responsible for Green Hill Arts and this has not affected the delivery of yet another successful programme of activities and exhibitions with excellent audiences to all our exhibitions and excellent sales over 2023.

Our workshops and talks are embedded into each exhibition, and always well attended. In addition there have been a variety of classes to further develop the art provision in area.

Wellmoor, our health and wellbeing arm, has developed much new work over the year which has already had an impact in the community. We have prioritised activities which keep people well and out of hospital.

The Cost-of-Living Crisis has impacted on the Community and we have continued with our Community Support Fund to provide small grants to anyone living in or around Moretonhampstead to meet essential and urgent outgoings.

The ‘Friendly Fridays’ programme continues to be very successful, offering a warm space in the Community Club where local people can gather for lunch and a chat every week. The “Devon Day Trippers” scheme provided outings and bus trips for over 55s who find getting out and about difficult. We have been particularly keen to develop sustainable activities for anyone who wants to improve their mental health. So an active group of volunteers is continuing to manage the Community Allotment through regular working days.

We continued to explore the development of a community shed and identified the old BT site as a potential location. Initial discussions with BT were positive and it seemed likely that this was to be the site to develop, however BT decided to withdraw. A new site is being sought.

Page 3

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

Wellmoor continued to provide a program of Strength and Balance classes in Moretonhampstead, Okehampton and Crediton, run by qualified Postural Stability Instructors which aims to reduce falls and improve confidence in movement.

Wellmoor continued to collaborate with Bournemouth Symphony Orchestra, Clare Parker and Villages in Action to devise a product which will bring online music and dance to care homes across Devon, with the aim of increasing activity levels of care home residents. During 2023 a viable product was close to being finalised with the hope of launching nationwide during 2024.

Financial review

a. Going concern

The accounts have been prepared on a going concern basis, and show an improvement on the previous year. As noted above the disputed debt with the NHS arising from the lease of Moretonhampstead Hospital has been resolved and ensures the long term viability of the Trust. A provision for the agreed figure for settling this debt has been made.

b. Reserves policy

The finances of the Trust have remained relatively stable and the Trust continues to maintain reserves to cover staff and running costs in the event that the Trust has to close down. If the reserves drop below the agreed level then the Finance committee will agree a plan to remedy the position. Any major decisions such as staff redundancies will be taken to the full Board of Trustees.

A building fund is also maintained to enable routine maintenance and repair on the building can be performed. This fund is topped up from our rental income.

c. Deficit

The charity achieved a net deficit for the year ended 31 December 2023 of £20,277 (2022: surplus of £6,613).

The balance held on unrestricted funds at 31 December 2023 was £51,952 (2022: £50,684).

The balance held in restricted funds at the year-end was £77,997 (2022: £99,542).

d. Principal risks and uncertainties

Our risk analysis has identified the greatest risks to our organisation as being:

  1. Loss of income from tenants and building users – we seek to avoid this by choosing our tenants with care and keeping a waiting list in case they move on.

  2. Damage to our building, as we have a repairing lease from the County Council – we audit the state of the building every year and maintain a building fund to deal with repairs.

  3. High turnover of staff or trustees as we rely on high levels of commitment to the community – we have not had to face this because we are seen by most as inclusive, friendly and caring, so a good organisation to work for and continue to be aware of the need for succession planning.

We maintain a Risk Register, with mitigating actions, which the Trustees review annually.

Page 4

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management

a. Constitution

Moretonhampstead Development Trust is registered as a charitable company limited by guarantee and was set up by a Trust deed.

b. Methods of appointment or election of Trustees

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Organisational structure and decision-making policies

We are answerable once a year to our members, who can vote at our AGM: they are the representatives of every community organisation and Parish Councillors. And throughout the year, we try to be responsive to community needs and views, and involve local people as members, volunteers and trustees.

We also publish details of our work, our organisation, and the meetings of Trustees on our website, and provide frequent updates in the News in Moreton on social media.

Trustees make the important decisions, have oversight of our operations, and are responsible for finances. We would like our Board of Trustees to be more representative of the community we serve, and are always seeking new Trustees.

We have established a Steering Group for Wellmoor, which has a diverse membership and is now working well: we intend this to widen its remit to cover all our activities. We are also planning a wider community consultation later in the year, on what else we should be doing.

The Board of Trustees meets quarterly, though there will be activities in between as well. It delegates responsibility for Finance and Staffing matters to the Finance and Staffing Committee, which meets quarterly to review income and expenditure for the previous period and proposals for new items and projects; and prepares a report to the quarterly Board meeting. There is a Spend Authority Policy, with Trustees being required to authorise expenditure above certain levels.

This Committee has devised a Policy for Staff Pay, which it reviews annually along with specific pay levels. Specific Trustees on the Committee have line management responsibility for specific members of staff, and there is a system of staff review and appraisal to support this.

d. Policies adopted for the induction and training of Trustees

Trustees are elected at an AGM, though occasionally we may co-opt a new trustee in mid-year pending their election. Our policy on the induction of trustees is: (1) to ensure that anyone who volunteers for the role has a good understanding of what the Trust does and what their responsibility will be; (2) once elected, they are offered time with those working on our different projects, as well as information on our policies and induction training; (3) they are encouraged to participate in trustee training opportunities offered by Locality and NCVO, usually on-line.

We ask all Trustees to take on an area of interest where they can lead or support our staff in the community, as appropriate.

Page 5

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Plans for future periods

Our Vision

We have recently updated our Vision, which is to work towards:

Our Mission and Values

In line with our Objects, we have agreed that our Mission is to:

and our Values in doing this are:

Our priorities for the coming year

To build our capacity to deliver new community-based projects in the Arts and the Environment. To engage better with businesses, especially with a refreshed Visit Moretonhampstead website.

To bring the Community Shed project into fruition.

To become more responsive to our community; to change our name and image to support this (all community activities under the Wellmoor banner); to develop more regular consultative meetings; and continue to develop the current Wellmoor Steering Group into a Consultative Group for all our activities.

Themes and Priorities over the next three years

We have agreed that these will be:

Page 6

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................

J Willis Chair of Trustees

Date: 28/08/2024

Page 7

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Independent examiner's report to the Trustees of Moretonhampstead Development Trust ('the Company')

I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

Responsibilities and basis of report

As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.

Page 8

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Signed: Laura Waycott (FCA)

Dated:

Griffin

Chartered Accountants Courtenay House Pynes Hill Pynes Hill Exeter EX2 5AZ

Page 9

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
13,838
100,255
-
114,093
135,638
135,638
(21,545)
99,542
(21,545)
77,997		 Unrestricted
funds
2023
£
3,970
70,972
223
75,165
73,897
73,897
1,268
50,684
1,268
51,952		 Total
funds
2023
£
17,808
171,227
223
189,258
209,535
209,535
(20,277)
150,226
(20,277)
129,949		 Total
funds
2022
£
11,314
131,885
20
143,219
136,606
136,606
6,613
143,613
6,613
150,226

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 13 to 29 form part of these financial statements.

Page 10

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee) REGISTERED NUMBER: 05133939

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
14
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 9,726
119,640
129,366
(39,744)		 2023
£
82,915
82,915
89,622
172,537
(42,588)
129,949
129,949
77,997
51,952
129,949		 7,394
152,887
160,281
(53,454)		 2022
£
87,021
87,021
106,827
193,848
(43,622)
150,226
150,226
99,542
50,684
150,226

Page 11

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 

28/08/2024

_______ and signed on their behalf by:

J Willis Chair of Trustees

The notes on pages 13 to 29 form part of these financial statements.

Page 12

MORETONHAMPSTEAD DEVELOPMENT TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. General information

Moretonhampstead Development Trust is a standard registered charity registered in England and Wales. The registered office address is Green Hill, Fore Street, Moretonhampstead, Devon, TQ13 8LL.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

2.2 Going concern

The accounts have been prepared on a going concern basis. The Trust has made provision for the agreed balance for the historic hospital debt and the remaining long term debt relates to the purchase of the lease for the operating premises at Green Hill and is repayable monthly at a fixed rate of interest over the next 10 year. This monthly repayment can be satisfied out of current income. Consequently there are no concerns over the going concern viability of the Trust.

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 13

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 14

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.10 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

2.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 15

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. Income from donations and legacies

Donations
Donations		 Restricted
funds
2023
£
13,838
Restricted
funds
2022
£
2,958		 Unrestricted
funds
2023
£
3,970
Unrestricted
funds
2022
£
8,356		 Total
funds
2023
£
17,808
Total
funds
2022
£
11,314

4. Income from charitable activities

Centre management
Community services
Arts and heritage
Total 2023
Centre management
Community services
Arts and heritage
Total 2022		 Restricted
funds
2023
£
-
100,255
-
100,255
Restricted
funds
2022
£
-
56,462
300
56,762		 Unrestricted
funds
2023
£
43,590
5,320
22,062
70,972
Unrestricted
funds
2022
£
37,730
15,347
22,046
75,123		 Total
funds
2023
£
43,590
105,575
22,062
171,227
Total
funds
2022
£
37,730
71,809
22,346
131,885

Page 16

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Investment income

Investment income
Investment income
Analysis of grants
Grants, Community services
Grants, Community services		 Unrestricted
funds
2023
£
223
Unrestricted
funds
2022
£
20
Grants to
Individuals
2023
£
13,121
Grants to
Individuals
2022
£
4,570		 Total
funds
2023
£
223
Total
funds
2022
£
20
Total
funds
2023
£
13,121
Total
funds
2022
£
4,570

6. Analysis of grants

Page 17

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure by activities

Centre management
Community services
Arts and heritage
Centre management
Community services
Arts and heritage		 Activities
undertaken
directly
2023
£
39,913
53,219
39,913
133,045
Activities
undertaken
directly
2022
£
24,722
32,963
24,722
82,407		 Grant
funding of
activities
2023
£
-
13,121
-
13,121
Grant
funding of
activities
2022
£
-
4,570
-
4,570		 Support
costs
2023
£
20,498
24,495
18,376
63,369
Support
costs
2022
£
15,640
20,370
13,619
49,629		 Total
funds
2023
£
60,411
90,835
58,289
209,535
Total
funds
2022
£
40,362
57,903
38,341
136,606

Analysis of direct costs

Staff costs
Direct costs
Professional charges
Publicity and events costs
Training		 Centre
management
2023
£
29,682
1,446
4,061
3,244
1,480
39,913		 Community
services
2023
£
39,577
1,928
5,415
4,326
1,973
53,219		 Arts and
heritage
2023
£
29,682
1,446
4,061
3,244
1,480
39,913		 Total
funds
2023
£
98,941
4,820
13,537
10,814
4,933
133,045

Page 18

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Analysis of direct costs (continued)
Staff costs
Direct costs
Professional charges
Publicity and events costs
Training		 Centre
management
2022
£
14,087
1,753
6,828
1,261
793
24,722		 Community
services
2022
£
18,783
2,337
9,105
1,681
1,057
32,963		 Arts and
heritage
2022
£
14,087
1,753
6,828
1,261
793
24,722		 Total
funds
2022
£
46,957
5,843
22,761
4,203
2,643
82,407

Analysis of support costs

Depreciation
Finance costs
Office costs
Professional charges
Property costs
Governance costs		 Centre
management
2023
£
1,607
740
3,670
9,705
2,654
2,122
20,498		 Community
services
2023
£
2,142
988
4,889
1,916
14,560
-
24,495		 Arts and
heritage
2023
£
1,607
740
3,670
9,705
2,654
-
18,376		 Total
funds
2023
£
5,356
2,468
12,229
21,326
19,868
2,122
63,369

Page 19

(A company limited by guarantee)

MORETONHAMPSTEAD DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Centre
management
2022
Community
services
2022
£
£
Depreciation
1,532
2,042
Finance costs
827
1,102
Miscellaneous costs
1,552
2,068
Office costs
2,871
3,828
Professional charges
1,787
2,383
Property costs
5,049
8,947
Governance costs
2,022
-
15,640
20,370
8.
Independent examiner's remuneration
Fees payable to the Company's independent examiner for the independent
examination of the Company's annual accounts
Fees payable to the Company's independent examiner in respect of:
All other services not included above
9.
Staff costs
Wages and salaries
Contribution to defined contribution pension schemes		 Arts and
heritage
2022
£
1,532
827
1,551
2,871
1,789
5,049
-
13,619
2023
£
721
1,401
2023
£
97,896
1,045
98,941		 Total
funds
2022
£
5,106
2,756
5,171
9,570
5,959
19,045
2,022
49,629
2022
£
674
1,348
2022
£
46,530
427
46,957

Page 20

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Staff costs (continued)

The average number of persons employed by the Company during the year was as follows:

2023 2022
No. No.
Employees 9 5

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of the charity comprises the management team (see page 1). The total employee benefits of the key management personnel of the charity is £30,584 (2022 - £28,474).

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 December 2023, expenses totalling £ NIL were reimbursed or paid directly to the Trustees (2022 - £ 378 to one Trustee).

Page 21

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. Tangible fixed assets

Cost or valuation
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Debtors
Due within one year
Trade debtors
Other debtors		 Long-term
leasehold
property
£
576,691
-
576,691
492,150
4,026
496,176
80,515
84,541		 Office
equipment
£
70,427
1,250
71,677
67,947
1,330
69,277
2,400
2,480
2023
£
6,154
3,572		 Total
£
647,118
1,250
648,368
560,097
5,356
565,453
82,915
87,021
2022
£
3,894
3,500
9,726 7,394

12. Debtors

Page 22

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Creditors: Amounts falling due within one year

Other loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Creditors: Amounts falling due after more than one year
Other loans
Included within the above are amounts falling due as follows:
Between one and two years
Other loans
Between two and five years
Other loans
Over five years
Other loans		 2023
£
3,399
3,413
-
5,768
27,164
39,744
2023
£
42,588
2023
£
3,569
11,818
27,201		 2022
£
5,581
3,350
492
4,143
39,888
53,454
2022
£
43,622
2022
£
5,580
16,740
21,302

14. Creditors: Amounts falling due after more than one year

Page 23

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Fixed asset depreciation
Property maintenance
Contingency fund
General funds
General Funds
Total Unrestricted funds
Restricted funds
Core
Arts
Wellmoor
Total of funds		 Balance at 1
January
2023
£
-
6,210
2,000
8,210
42,474
50,684
3,862
14,667
81,013
99,542
150,226		 Income
£
-
-
-
-
75,165
75,165
-
2,725
111,368
114,093
189,258		 Expenditure
£
(5,356)
-
-
(5,356)
(68,541)
(73,897)
(3,862)
(4,353)
(127,423)
(135,638)
(209,535)		 Transfers
in/out
£
5,356
-
-
5,356
(5,356)
-
-
-
-
-
-		 Balance at
31
December
2023
£
-
6,210
2,000
8,210
43,742
51,952
-
13,039
64,958
77,997
129,949

Page 24

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Statement of funds (continued)

The specific purposes for which the funds are to be applied are as follows:

Designated funds:

The fixed asset depreciation fund was set up to help absorb future depreciation on fixed assets.

The property maintenance fund was set up with the money received from the Devon Youth Service for property delapidations when they ended their lease of the youth centre early.

The contingency fund was set up to help absorb any future costs associated with unpredicted events.

Restricted funds:

Core

Core funding relates to the income generated by the letting of offices and studios, complemented by the hire out of the meeting room.

Arts

The Arts funding is from personal donations. Some small revenue is generated by the art classes that take place during the year.

Wellmoor

Projects are funded from a number of sources including Local Authority grants, NHS schemes and National Lottery awards. Wellmoor is a project to help relieve health and social welfare issues not addressed by statutory or other voluntary organisations.

Page 25

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Fixed asset depreciation
Property maintenance
Contingency fund
General funds
Unrestricted
Total Unrestricted funds
Restricted funds
Core
Arts
Wellmoor
Total of funds		 As restated
Balance at
1 January
2022
£
356
6,210
2,000
8,566
59,405
67,971
10,723
13,659
51,260
75,642
143,613		 Income
£
-
-
-
-
83,499
83,499
155
4,798
54,767
59,720
143,219		 Expenditure
£
(5,106)
-
-
(5,106)
(95,680)
(100,786)
(7,016)
(3,789)
(25,015)
(35,820)
(136,606)		 Transfers
in/out
£
4,750
-
-
4,750
(4,750)
-
-
-
-
-
-		 As restated
Balance at
31
December
2022
£
-
6,210
2,000
8,210
42,474
50,684
3,862
14,668
81,012
99,542
150,226

Page 26

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Summary of funds

Summary of funds - current year

Balance at
Balance at 1 31
January Transfers December
2023 Income Expenditure in/out 2023
£ £ £ £ £
Designated funds 8,210 - (5,356) 5,356 8,210
General funds 42,474 75,165 (68,541) (5,356) 43,742
Restricted funds 99,542 114,093 (135,638) - 77,997
150,226 189,258 (209,535) - 129,949
Summary of funds - prior year
Balance at
Balance at 31
1 January Transfers December
2022 Income Expenditure in/out 2022
£ £ £ £ £
Designated funds 8,566 - (5,106) 4,750 8,210
General funds 59,405 83,499 (95,680) (4,750) 42,474
Restricted funds 75,642 59,720 (35,820) - 99,542
143,613 143,219 (136,606) - 150,226

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
82,915
77,997
51,369
-
(39,744)
-
(42,588)
77,997
51,952		 Total
funds
2023
£
82,915
129,366
(39,744)
(42,588)
129,949

Page 27

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2022
£
-
99,542
-
-
99,542		 Unrestricted
funds
2022
£
87,021
60,739
(53,454)
(43,622)
50,684		 Total
funds
2022
£
87,021
160,281
(53,454)
(43,622)
150,226

18. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £1,045 (2022 - £427). Contributions totalling £232 (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

19. Related party transactions

No related party transactions took place during the financial year.

Page 28

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

20. Operating lease commitments

At 31 December 2023 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:


non-cancellable operating leases as follows:
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2023
£
1
4
17
22		 2022
£
1
4
18
23

The following lease payments have been recognised as an expense in the Statement of financial activities:

2023 2022
£ £
Operating lease rentals 1 1

Page 29

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